El-Rufai claims that Buhari’s directive on the naira note is a disregard for the rule of law.

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Kaduna State Governor Nasir El-Rufai has criticized President Muhammadu Buhari’s order reducing the legal tender status of old notes to only N200 and criticized it for completely disobeying the Supreme Court’s ruling on the issue.

He pointed out that the Attorney-General of the Federation’s misguided attempt to trick the President into disobeying the ruling of the highest court in the land demonstrates how eager the policymakers are to destabilize the country by openly disdaining the judiciary.

In a broadcast to the people of Kaduna State on Thursday night, Governor El-Rufai voiced worry that the deliberate disruption of the fuel and money supply is putting the country’s and the state’s peaceful coexistence in jeopardy. He charged individuals in positions of authority with using the Federal Government and the President as handy excuses to stifle the country’s democracy because they had personally suffered loss.

The Federal Government and its agencies not only defied the February 8th order by maintaining that the deadline of February 10th stands, but it is also quite revealing, he added.

It is startling to observe the flagrant disregard for the Supreme Court’s ongoing directive that all old and new notes shall remain valid until the court renders a decision in the lawsuit brought by the Kaduna State Government and numerous other parties.

He claims that individuals responsible for the policy to redesign the naira are making huge use of resources and tools to undermine the political party that provided them with the opportunity to serve the country simply because they were unable to impose the candidates of their choosing.

“Three days ago, the state governments were presented with proposals for an out-of-court settlement that included the Federal Government’s and the Central Bank of Nigeria’s decision to recognize only N200 as legal tender until April 10th. President Muhammadu Buhari announced this decision on Thursday morning.

This, according to the Federal Government, was made available because all of the “old” N1,000 and N500 notes had been destroyed. The governor continued, “We declined the offer and demonstrated to the officials that not a single higher denomination note had been destroyed.

“We also think that simply circulating N200 is insufficient to end the suffering we witness every day. We insisted that the Supreme Court order’s many requirements be followed.

El-Rufai, however, urged state citizens to maintain their composure, practice peace, and support the use of legal ways to address the issues. He did, however, reassure them that their money would not be lost in old bills.

“Don’t let a fabricated deadline intimidate you. Do not feel pressured to deposit your old notes in the banks if you reside in a town, a village, or one of our remote rural areas. Keep them close by, El-Rufai advised.

“As directed by the Supreme Court of Nigeria, continue to use them as lawful tender. No deadline will ever make them useless. You are supported by the law. When you bring old notes to the CBN, even in a century from now, it must accept them and give you value in fresh notes, according to the Central Bank of Nigeria Act of 2007 and the Bills of Exchange Act.

As a result, as your governor, I want to reassure you that the Kaduna State Government, working with elected local government councils, traditional institutions, markets, and trade associations, will assist you in gathering, documenting, compiling, and delivering all of your old notes to the Kaduna branch of the Central Bank so that they can be exchanged for new ones as soon as the elections are over.

“We will also make sure that your fresh notes arrive at each of your locations without any trouble or cost to you. If necessary, from March through December 2023, we will spare you the worry and anxiety of making a long trip from your community to the CBN office in our state’s capital.

For the sake of clarity, all notes—old and new—shall continue to be accepted as lawful money in Kaduna State until the Supreme Court of Nigeria rules otherwise. I therefore make a plea to all Kaduna State citizens to continue using both the old and new notes side by side without any hesitation.

Any establishment that refuses to accept the old notes as lawful tender will be sealed by the Kaduna State Government and its agents, and the proprietors will face legal action.